"SVB's Failure Highlights Need for Increased Fed Oversight of Mid-Sized Banks, says Powell"

Federal Chair Jerome Powell has called for increased oversight of mid-sized banks following the failure of Silicon Valley Bank and other regional banks. Powell stated that the events highlight the need to strengthen supervision and regulation for institutions of similar size. The Federal Reserve is currently working on implementing higher capital requirements, known as Basel 3, for mid-sized banks. Powell emphasized the importance of finding the right balance between stability and lending, acknowledging the trade-offs involved in financial regulation. He also highlighted the resilience of the banking system due to capital requirements and safeguards put in place since the 2008 financial crisis.